Nov 14, 2024 (MENAFN via COMTEX) --
(MENAFN - Brazil-Arab News Agency (ANBA)) SaÌ?o Paulo - Gulf countries' efforts to diversify their economies away from oil create opportunities in multiple sectors, including civil construction, the Arab Brazilian Chamber of Commerce 's International Consulting head, Karen Mizuta, said this Wednesday (13) during the seminar"Exploring Civil Construction Opportunities in the United Arab Emirates." The online event was held by the Think Plastic Brazil project, an initiative from Brazil's National Plastics Institute and the Brazilian Trade and Investment Promotion Agency (ApexBrasil) ahead of Big 5, the largest Arab construction industry show, set to take place from November 26 to 29 in Dubai, United Arab Emirates (UAE).
Karen Mizuta during the online seminar: construction industry exports from Brazil can increaseMizuta presented major projects being rolled out in Arab countries, a case in point being Egypt's new administrative capital, New Cairo, a USD 58 billion development. Projects in Saudi Arabia include preparations to host the 2034 FIFA World Cup, the building of Neom city, and the Red Sea Global resort islands. She also said major investments are going into high-end real estate complexes in the UAE.
Opportunities for Brazilian companies in Arab countries
According to Mizuta, the construction industry in Arab countries should see 6.2% growth through 2027. Last year, Arab countries imported USD 76.1 billion worth of building materials from around the world, but only USD 83.7 million from Brazil."Brazil does not export much in the way of construction material to Arab countries, so opportunities are in place to increase our market share throughout the region," she said.
The head of commercial promotion at the Embassy of Brazil in Abu Dhabi, the UAE's capital, Octavio Moreira GuimaraÌ?es Lopes, mentioned economic diversification as a priority for Gulf nations."They envision diversifying away from oil through science and technology development," he said.
The Middle East and North Africa Content and Research director for Middle East Business Intelligence (MEED), Edward James, said 2023 saw a strong rebound in project concessions in Gulf countries, specifically Saudi and the UAE. Concession value shot up to USD 253 billion last year, exceeding the USD 200 billion threshold for the first time in ten years.
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